Wesson v. Chapman
New York Supreme Court
Appeal from special term, Erie county. Action by Daniel L. Wesson, suing for the benefit of himself and other creditors, similarly situated, of George D. Chapman, as receiver of the Lackawanna & Pittsburgh Railroad Company, against George D. Chapman, as such receiver.
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Appeal from special term, Erie county. Action by Daniel L. Wesson, suing for the benefit of himself and other creditors, similarly situated, of George D. Chapman, as receiver of the Lackawanna & Pittsburgh Railroad Company, against George D. Chapman, as such receiver. From orders denying a motion to vacate or modify the judgment, and denying a motion to set aside the sale made pursuant to it, and confirming a sale, R. Floyd Clarke, as assignee for the benefit of creditors of Borden & Jenkins and Collin, Borden & Jenkins, appeals. Affirmed. The railroad company in question has not been…
1Opinion of the CourtBradley, J.
The motion to vacate or modify the judgment is founded upon the charge that it, as entered, did not afford to the holders of the receiver’s certificates and notes the benefit to which they were entitled. As has been observed, the orders pursuant to which they were issued gave them priority over the mortgage bonds previously issued, and that priority continued. This is not questioned. The certificates contained a provision that in case of a sale of the property and franchises of the railroad company, by judicial proceedings or otherwise, and it should not realize sufficient to pay the full…
2Cases cited4 opinions
- American Insurance v. OakleyNew York Court of Chancery · 1841
- Kellogg v. HowellNew York Supreme Court · 1872
- Lefevre v. LarawayNew York Supreme Court · 1856
- Gould v. GagerNew York Supreme Court · 1863
3Cited by14 opinions
- Guardian Loan Co. v. EarlyNew York Court of Appeals · 1979
- Polish National Alliance of Brooklyn, U.S.A. v. White Eagle Hall Co.Appellate Division of the Supreme Court of the State of New York · 1983
- Alkaifi v. Celestial Church of Christ Calvary ParishAppellate Division of the Supreme Court of the State of New York · 2005
- Hardware v. GreenAppellate Division of the Supreme Court of the State of New York · 1980
- Housman v. WrightAppellate Division of the Supreme Court of the State of New York · 1900
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